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Tamweel plans $235m securitisation

Tamweel, a unit of Dubai Islamic Bank, plans to sell a $235m Shari'ah-compliant asset-backed securitisation, Reuters has reported. Dubai-based Islamic mortgage provider Tamweel concluded investor meetings on Monday and said any eventual transaction will be backed by properties and receivables located in the emirate. The Islamic instrument, due in 2046 but callable after five years in July 2017, is seen pricing at between 335 and 345 basis points over the 1-month London interbank offered rate (Libor).